Recently, there has been a landmark event in the world of cryptocurrencie. It will undoubtedly have a gigantic impact on the future of blockchain currencies. The Merge moved the Ethereum network from Proof of Work consensus to Proof of Stake. Vitalik and the team were the first to make such a big change to the network. What does this mean for the users?
ETH 2.0 will bring the possibility of staking tokens. There is still a lot of time before the launch of the new version of Ether. As a Kanga Exchange team, we meet the needs of our users. We created a synthetic KETH token intended for staking.
What is KETH?
KETH is a token created specifically to open the staking of the most popular dApps network. One of ETH’s first moves to change consensus was the creation of the so-called Beacon Chain, which enables ETH staking. However, it has one serious disadvantage. We can deposit our ETH on it, but the withdrawal will be available after the start of ETH 2.0. For many people, this solution is very problematic. The transition to the new version of Ether may take up to several years.
Users of our exchange will be pleased that with KETH you will be able to deposit and withdraw your tokens. On our market you will find a KETH/ETH pair. You can exchange your tokens in a one-to-one ratio without any problems.
How will KETH staking work?
KETH staking will be no different from the rest of our stakings. Kanga synthetic Ether is different from those you can find on other exchanges. It needs to be deposited to a PoS account. In the case with all other tokens that you can stake on our exchange.
KETH is a synthetic token that has a one-to-one value of all well-known Ether. First, we will open the KETH/ETH market. You will be able to receive the equivalent in KETH for a given amount of ETH. Thanks to this solution, users our exchange will have the opportunity to participate in ETH staking before the official launch of ETH 2.0.
Author: Piotr Szopa